Rent control is here to stay in California – at least until 2030. On October 8, 2019, California Governor Gavin Newsom signed the Assembly Bill 1482, which caps annual rent increases at 5% and imposes rules on just cause eviction. The legislation is meant to address the rising cost of housing and increasing homelessness affecting… Read more »
Tips to Improve Communications Between Property Managers and Owners
Effective communication is an essential skill for property managers to have. You communicate daily with tenants, service vendors, and of course, property owners. While all communication is vital, the importance of clear communication with owners can’t be overstated. You should have a thorough understanding of the owners’ needs, and the owners should feel secure knowing… Read more »
How to Be a Successful Long-Distance Landlord
It makes sense to many landlords to invest in properties near their own homes, but it’s certainly not a requirement. Whether you’ve moved away from the area, or you found a great investment opportunity out of state, you can still be very successful as a long-distance landlord. The key is to outsource tasks and responsibilities…. Read more »
23 Essential Questions to Ask Potential Tenants
One of the most critical decisions you’ll make as a landlord is selecting a tenant from your list of applicants. Bad tenants can be costly. They may cause damage to your property, consistently pay their rent late (or not at all) or even move out before the lease is up. On the other hand, a… Read more »
How to Prevent Lawsuits
Owning rental properties can be extremely lucrative, but it’s not entirely without risk. Tenants can and do, bring lawsuits against their landlords. Many times, these lawsuits can be avoided by following some property management best practices. Here are a few tips on how to avoid some of the most common situations that cause tenants to… Read more »
How to Handle a Former Tenant’s Mail with No Forwarding Address
At some point, most landlords will probably encounter a situation where one of their rental properties still receives mail for a former tenant. It can be frustrating, particularly when the previous tenant didn’t provide a forwarding address. So, how can you make sure the mail gets to the right person – and stop it from… Read more »
Investment Opportunities Arise with the Build-to-Rent Market Explosion
A decade ago, the foreclosure crisis shook the housing market. Investors quickly flooded in, buying millions of distressed homes with the intention of turning them into lucrative rental properties. They transformed what had been a small, family-owned and operated market into an official large-scale formally managed asset class. And it shows no sign of slowing…. Read more »
Tips for Property Managers on How to Handle Emergency Maintenance
As a property manager, it’s essential to have a quick response to emergency maintenance. Taking too long to respond to maintenance complaints can be damaging to both your tenant and client relationships. Tenants may become frustrated, while a slow response could end up costing your client thousands of dollars. Missing an emergency could also make… Read more »
Nine Costly Property Management Mistakes to Avoid
There’s no doubt being a property manager requires patience and commitment. Communicating with tenants and staying on top of repairs takes up a lot of time, but it can also be very rewarding. Like any industry, mistakes can happen. Unfortunately, some of them can end up costing you a significant amount of time and money…. Read more »
How to Prorate Rent and Why it’s Important
If you have a tenant that’s moving out – or in – halfway through the month, chances are they won’t want to pay for a full month’s rent. Nor would it be fair to expect that of them. Instead, it’s best to keep your rent due dates consistent and be considerate to the tenant by… Read more »